Jiaze Renewables(SH:601619) Hua Yuan Zheng Quan·2025-09-03 11:26Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance was below expectations, but entering the green methanol market opens up growth opportunities [4] - The company reported a revenue of 1.31 billion yuan in H1 2025, a year-on-year increase of 5.87%, and a net profit attributable to shareholders of 460 million yuan, up 11.6% year-on-year [6] - The company is advancing into green chemical business with Ningxia Jiazhe Group, which is expected to significantly enhance growth potential [6] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 2,403 million yuan (2023), 2,422 million yuan (2024), 2,529 million yuan (2025E), 3,003 million yuan (2026E), and 3,853 million yuan (2027E) [5] - Net profit attributable to shareholders is projected to be 803 million yuan (2023), 630 million yuan (2024), 909 million yuan (2025E), 1,020 million yuan (2026E), and 1,219 million yuan (2027E) [5] - The company’s return on equity (ROE) is expected to improve from 9.14% in 2024 to 14.00% in 2027 [5] Market Performance - The company maintains a strong position in wind power operations with approximately 2GW of installed capacity and another 2GW under construction, ensuring sustained growth [6] - The planned REITs project is anticipated to contribute to short-term performance and improve cash flow [6] - The company’s stock price is currently at 3.87 yuan, with a market capitalization of approximately 9.42 billion yuan [2]